Starting or building a new business? Learn how to convert your vision into a successful enterprise.
Every great ambition begins with a vision of what can be. The difference between those who attain those dreams and those who don’t is how well they shape that dream. This is what separates the visionary from the dreamer. A visionary will take the raw dream, and mold and shape a clear picture of the end result: constructing a blueprint that will guide the enterpriser to ultimate success. Molding your dream as a self-employed enterpriser will require progress through a process of research/investigation, and an analysis that entails a number of factors, such as the following:
• What is the product or service that will form the basis of your enterprise? In business jargon, this is your core business. For example, do you want to be a sole proprietor, or work in partnership, or grow a business with employees?
• How much do you want to grow? This may be a tougher question to answer for some, as they don’t really have an idea where their enterprise will take them. Others may have a specific idea in mind. The answer to this question has more to do with the enterpriser’s goals. Is the accumulation of wealth a priority? Is it creative freedom, or perhaps, more personal time or flexible working hours? Answering these basic questions will help to set the criteria for the development of your enterprise.
The Path to Picturing Your Enterprise
Answering the preceding core questions about your enterprise is essential. However, what if you have insufficient data, or don’t have enough information to competently answer these questions? Here is a suggested pathway.
Research similar businesses – There is no substitute for seeing how someone else has done it. Unless you have created a totally new enterprise in a brand new market, there are probably ventures out there that have similarities to yours. Find them. Study them. Learn their histories.
Talk to people who are in similar enterprises – Even better than doing research on businesses like yours, is speaking with those engaged in similar enterprises. People are willing to talk about their enterprises, as most are proud of what they have accomplished.
Analyze and assess the risks and potential earnings – Before going into any enterprise, be sure to go in with eyes wide open. This may seem obvious, but it’s amazing how many people I have met who started enterprises based on informal or incomplete research regarding potential profitability. For example:
• If you are starting an enterprise in a new market, start-up costs will be higher and the time required to turn a profit may take longer.
• If you are launching an industrial or heavy commercial enterprise, you may require capital. This is also true for inventions that require manufacturing.
• Determine the human requirements to make your business work – Can you start your enterprise without employees? Will you use independent contractors? This is a vital factor in planning for success.
Still feel lost or lack the direction you need. Reach out to me via email, firstname.lastname@example.org or by phone at (484)319-1576 and let’s talk about your vision. Free initial consultation.